Feds extend 1,381 offshore oil, gas leases

The Department of the Interior is extending 1,381 oil and natural gas leases to compensate for the effects of last year's Gulf of Mexico oil spill and the subsequent deepwater-drilling moratorium. The American Petroleum Institute welcomed the decision, saying it provides "much-needed certainty for companies with ongoing operations." API spokesman Reid Porter said that "extending these offshore leases is a good decision, supported by the need to increase production in the Gulf of Mexico and produce in other areas."